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USDINR

The Dollar index coming off the recent high of 104.70 and moving lower towards the 104.00 mark was taken as a major positive and the USDINR pair tanked lower in the first 15 minutes and tested a low of 82.43 From the price action point of view, the pair broke below the crucial support level of 82.60, which was also placed near the 20, 50 and the 200 Day EMA. The USDINR formed a large red candle, and moved below the major moving averages, indicating presence of bearish momentum in the pair. The RSI plotted on the daily chart can be seen forming a bearish hinge and moving lower towards the oversold zone, indicating presence of bearish momentum in the pair. In the sessions to come we might see the resistance come in near the 82.70-82.80 zone. On the downside we expect the 82.30-82.40 zone to act as a support

EUR/INR

The EURINR, gapped down and tested a low of 88.21. Towards the end of the session the pair recovered its losses, and the ended the session with a doji candle pattern. The RSI plotted on the daily chart can be seen flattening near the oversold zone, indicating exhaustion in the bearish momentum of the pair. Going by the price action we saw major buying interest near the 88.20 zone, so in the sessions to come we might see the pair find support near the 88.20. On the upside we expect the resistance to come in 89.00 zone.

JPY/INR

The volatile bond yields during the session led to increased volatility in the Yen. The JPYINR opened on a flattish note, and reacted to the USDJPY moving higher in the early Asian trading hours. During the day the pair tested a low of 59.33. Looking at the price action one can say that the pair seems to be attracting some buying interest near the 59.10-59.00 zone. so in the sessions to come we might see the pair find support near the 59.00 level. On the upside the important resistance is placed near the 59.80 zone.

GBP/INR

The pound, through out the day was reacting to the direction in the dollar. The GBPINR pair also reacted to the movement in the GBPUSD. In the first half of the session the pair was broadly consolidating and moving in a 20 odd paisa range. The pair started gaining traction as we moved towards the end of the session, and the GBPINR pair made a move towards the 103.00 mark. As of now the pair is sandwiched between the 20 and the 50 day moving averages. The RSI plotted on the daily chart can be seen forming a bullish hinge near the reference line and heading lower towards the oversold zone, indicating presence of bullish momentum in the pair. In the sessions to come, the 103.00 mark is expected to act as a resistance level, on the downside the immediate support is placed near the 102.10. The range from 102.00-103.00 could be the broader range for the GBPINR pair

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